Main Menu

Download our mobile app

Start Saving for Tomorrow Today with a Traditional IRA

A traditional IRA could be the right choice when saving for retirement. If you have a Roth IRA, or if you're considering opening one, you can diversify your retirement saving strategy by opening a traditional IRA as well.


Features and Benefits of a Traditional IRA

A traditional IRA allows you to enjoy tax-deferred growth* and a potential tax deduction. Other benefits include:

  • All or part of your IRA contributions may be tax-deductible, which may reduce your taxable income
  • Many retirees are in a lower tax bracket when they make withdrawals**
  • No income restrictions when making contributions**

Traditional IRA Eligibility and Requirements

A traditional IRA allows you to enjoy tax-deferred growth* and a potential tax deduction. Other benefits include:

  • Anyone with earned income who has not reached age 70 1/2 in the current tax year can contribute to an IRA
  • Maximum contribution to an IRA: $6,000 in a tax year‎
  • Individuals over age 50 may be eligible for an additional $1,000 contribution

Eligibility for taking a tax deduction from a traditional IRA depends upon many factors such as income, marital status and participation in an employer-sponsored retirement plan.‎

Traditional IRA Account Options

Mutual of Omaha Bank offers a variety of retirement accounts that can be opened as a traditional IRA. Explore your options below.

IRA Savings

An IRA Savings account lets you enjoy the tax benefits of a traditional IRA while earning interest on the money you put into the account.‎

IRA Certificates of Deposit (CD)

An IRA CD lets you enjoy tax advantages and earn higher interest while setting your own terms.‎

Mutual of Omaha Bank offers several CD options for funding traditional IRAs, including fixed rate and variable rate accounts. Certificates of Deposit are available as Traditional, ROTH or SEP IRA options. Your IRA contribution may be tax deductible, so please remember to consult your tax advisor.‎

See Current Interest Rates

Rates may change after account opening. Fees may reduce earnings.
*APY=Annual Percentage Yield. Please consult with your tax advisor.
**Penalty may be imposed for early withdrawal.